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Circle Announces New 'Wrapped Bitcoin' Product
Circle Internet Group (NYSE: $CRCL) has announced that it is issuing a new wrapped Bitcoin (CRYPO: $BTC) product.
Wrapped Bitcoin is a digital token pegged 1:1 to Bitcoin that brings the cryptocurrency’s liquidity to the Ethereum (CRYPTO: $ETH) blockchain.
Wrapped Bitcoin allows holders to use their assets in Ethereum’s decentralized finance (DeFi) ecosystem for lending, borrowing, and trading without selling their underlying BTC.
In Circle’s case, its wrapped Bitcoin is called “cirBTC” and it is backed 1:1 by native BTC.
It is designed to give institutional users verifiable onchain exposure to Bitcoin across both decentralized finance (DeFi) and traditional finance (TradFi).
Circle is best known as the issuer of the USDC stablecoin. The new wrapped Bitcoin token is Circle’s first expansion beyond stablecoins into tokenized infrastructure and products.
Circle is positioning cirBTC on the same principles that it applies to the USDC stablecoin: consistent issuance, auditable reserves, and liquidity.
The wrapped Bitcoin product targets institutions that have historically avoided such digital assets due to concerns about custody risk and transparency.
Circle’s stock has risen 8% in the past year to trade at $89.52 U.S. per share.
This article has been published in cryptoprowl.com via Yahoo News.
Circle Announces New 'Wrapped Bitcoin' Product
Circle Internet Group (NYSE: $CRCL) has announced that it is issuing a new wrapped Bitcoin (CRYPO: $BTC) product.&n...
finance.yahoo.com
